HOPES were growing last night of a rescue deal for Blue Circle's North-East cement works.

A mystery businessman is understood to have put together a consortium interested in buying the works, in Eastgate, Weardale, from French conglomerate Lafarge. Exploratory talks are due to take place later today.

Lafarge stunned its 147 workers last week when it announced the plant would close this summer. The decision was blamed on surplus production.

But last night, local County Councillor John Shuttleworth said he had already held talks with the leader of the rescue bid.

Coun Shuttleworth said he had agreed to keep the identity of the plant's potential saviour confidential, but he added: "This is a declaration of very serious interest.

"The businessman heading the consortium is well known in the region and already involved in the aggregates business."

Built in the early 1960s, the cement plant has provided security for hundreds of families, and community leaders fear the knock-on effect of closure will be catastrophic.

Coun Shuttleworth said he hoped negotiations would progress smoothly: "The clock is ticking. We don't have much time to save the plant."

Critics of the closure claim the plant has a productive life of at least 30 more years before its reserves are exhausted.

Lafarge, which is the world's largest cement company, was unavailable for comment last night.